SSR Mining Reports Third Quarter 2024 Results
DENVER–(BUSINESS WIRE)–SSR Mining Inc. (Nasdaq/TSX: SSRM, ASX: SSR) (“SSR Mining” or the “Company”) reports consolidated financial results for the third quarter ended September 30, 2024, as well as an update on the February 13, 2024 incident at the Çöpler mine (the “Çöpler Incident” or the “Incident”).
Çöpler Update
Following the Çöpler Incident, the Company focused on four key priorities: (1) the recovery of our missing colleagues; (2) containment of the Incident and remediation of the site; (3) the investigation into the root cause of the Incident; and (4) preparing for the restart of the Çöpler mine.
With respect to our missing colleagues, all nine individuals have been recovered and returned to their families and we continue to support the families and the community members impacted by the Çöpler Incident.
All the planned containment infrastructure, including a grout curtain, coffer dam, and buttress, as well as pumping systems and the Sabırlı creek diversion, has been successfully installed and is proving to be effective. Public statements from Turkish government officials continue to reiterate that there has been no recordable contamination to local soil, water or air in the sampling locations.
In partnership with the Turkish authorities, the Company has continued to progress the remediation at the site. To date, over 16 million tonnes (approximately 86%) of the displaced heap leach material has been moved to temporary storage locations, including substantially all the displaced material from the Sabırlı Valley. As part of the remediation work, the heap leach pad will be permanently closed, and heap leach processing will no longer take place at Çöpler. We are continuing discussions with Turkish government officials around the final remediation plan, including the approval and construction of the east storage facility, which will permanently store the displaced material.
The Çöpler remediation and containment work is estimated to cost between $250.0 to $300.0 million and take a total of 24 to 36 months to complete. In the third quarter of 2024, $48.3 million was spent on remediation activities at Çöpler, bringing total remediation spend since April 1, 2024 to $103.3 million.
The initial design of the heap leach facility prepared prior to commencing production in 2010, and each subsequent expansion thereafter, was engineered, reviewed, and approved by independent, third-party engineering firms. Throughout the various stages of construction across the life of the heap leach facility, third-party reviews were also conducted to ensure conformance with the underlying engineering design parameters.
The investigations into the cause of the Çöpler Incident began shortly after the event. The Company has commissioned independent experts to review the design, construction, and operation of the heap leach facility. To date, this review has not identified any material non-conformance with the construction or operation of the heap leach facility relative to the third-party engineered design parameters.
SSR Mining continues to work closely with the relevant authorities to advance the required permits for the restart of the Çöpler mine. Once all necessary regulatory approvals, including the operating permits, are reinstated, it is anticipated that initial operations at Çöpler could restart within 20 days and would consist of processing a combination of stockpiled ore and ore mined from Çakmaktepe, while the remediation work continues.
As previously disclosed, in November 2023, prior to the Çöpler Incident, a legal challenge was filed in a local court against the Çöpler mine’s environmental impact assessment, which was approved in 2021 (the “2021 EIA”). On August 20, 2024, the local court issued a decision cancelling the 2021 EIA due to insufficiencies in the 2021 EIA approval process. The Turkish Ministry of Environment, Urbanization and Climate Change, who had originally approved the 2021 EIA, has filed an appeal of the decision, and the Company has filed a simultaneous intervener appeal as well. As previously disclosed, with the cancellation of the 2021 EIA, the operating guidelines at Çöpler revert to those outlined in the Company’s prior Environmental Impact Assessment, which was issued in 2014 (the “2014 EIA”). Among other operating considerations, the 2014 EIA prescribes a lower throughput rate for the sulfide plant operations of 6,000 tonnes per day, as compared to 9,000 tonnes per day under the 2021 EIA.
At this time, we are not able to estimate or predict when and under what conditions we will resume operations at Çöpler. Additionally, SSR Mining cannot, at this time, assess the entire scope of the impact of operating under the 2014 EIA. SSR Mining held $334.3 million in total cash at the end of the third quarter, with total available liquidity of $834.0 million and expected strong free cash flow generation from Marigold, Seabee and Puna in the fourth quarter of 2024. SSR Mining remains well positioned to continue remediation efforts ahead of a potential restart of operations at Çöpler.
For additional information on the Çöpler Incident, including a discussion of the associated risks, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 27, 2024, as well as the Company’s Quarterly Reports on Form 10-Q for the quarter ended March 31, 2024 filed on May 8, 2024, for the quarter ended June 30, 2024 filed on July 31, 2024, and for the quarter ended September 30, 2024 filed on November 6, 2024. Further updates on the Çöpler Incident, as and when available, will continue to be provided through press releases and posts to the Company’s website.
Third Quarter 2024 Summary: (1)
(All figures are in US dollars unless otherwise noted)
- Operating results: Third quarter 2024 production was 97,429 gold equivalent ounces. In the third quarter of 2024, operations at Çöpler remained suspended following the February 13, 2024 incident. Additionally, operations at Seabee were suspended on August 21, 2024 due to forest fires in the vicinity of the mine. Seabee successfully restarted operations on October 11, 2024. Year-to-date, the Company produced 275,113 gold equivalent ounces at a consolidated cost of sales of $1,312 per ounce and all-in sustaining costs (“AISC”) of $1,886 per ounce. The Company’s year-to-date AISC includes $49.2 million in cash care and maintenance costs, or approximately $179 per gold equivalent ounce, of which $41.5 million was incurred at Çöpler and $7.7 million was incurred at Seabee.
- Financial results: Net income attributable to SSR Mining shareholders in the third quarter of 2024 was $10.6 million, or $0.05 per diluted share, including $29.8 million in care and maintenance costs incurred at Çöpler and $9.6 million at Seabee. Adjusted net income attributable to SSR Mining shareholders in the third quarter of 2024 was $6.4 million, or $0.03 per diluted share, after adjusting for items related to the Çöpler Incident and other tax impacts. In the third quarter of 2024, operating cash flow was $(1.3) million, and free cash flow was $(34.1) million.
- Cash and liquidity position: As of September 30, 2024, the Company had a cash and cash equivalent balance of $334.3 million and total liquidity of $834.0 million inclusive of its revolving credit facility and accompanying accordion feature. At the end of the third quarter, the Company had no borrowings outstanding under the revolving credit facility, exclusive of de minimus letters of credit, and was in compliance with its covenants.
- Çöpler remediation: As of September 30, 2024, substantially all of the heap leach material displaced during the February 13th incident had been removed from the Sabırlı Valley. Remediation spend in the third quarter totaled $48.3 million, bringing total remediation spend since April 1, 2024 to $103.3 million.
- Marigold operations: Gold production was 48,189 ounces in the third quarter of 2024 at cost of sales of $1,573 per payable ounce and AISC of $1,828 per payable ounce. Year-to-date, Marigold produced 108,560 ounces of gold at cost of sales of $1,484 per payable ounce and AISC of $1,749 per payable ounce. Marigold remains on track for full-year 2024 production guidance of 155,000 to 175,000 ounces of gold. Reflecting increased royalty and maintenance components costs the Company now expects full-year mine site cost of sales of $1,450 to $1,480 per payable ounce and AISC of $1,650 to $1,680 per payable ounce at Marigold in 2024.
- Seabee operations: Gold production was 10,252 ounces in the third quarter of 2024, reflecting the temporary suspension of operations at Seabee due to forest fires. Employees were cleared to return to the site on September 23, 2024 and production restarted on October 11, 2024. Third quarter cost of sales of $1,280 per payable ounce and AISC of $2,301 per payable ounce reflected fewer ounces sold and the inclusion of $7.7 million in cash care and maintenance costs from the temporary suspension. Full-year 2024 production guidance for Seabee is now 65,000 to 70,000 ounces of gold at mine site cost of sales of $1,135 to $1,165 per payable ounce and AISC of $1,725 to $1,755 per payable ounce.
- Puna operations: Silver production was 2.9 million ounces in the third quarter of 2024 at cost of sales of $16.06 per payable ounce of silver and AISC of $15.37 per payable ounce of silver. The average realized silver price for Puna sales in the third quarter of 2024 was $30.05 per ounce, showcasing the mine’s significant margins in the current silver price environment. Quarterly process plant throughput averaged over 5,275 tonnes per day, a second consecutive quarterly record for the mine. Year-to-date, Puna produced 7.5 million ounces of silver at cost of sales of $16.27 per payable ounce and AISC of $15.36 per payable ounce. Reflecting higher throughputs and grades than originally expected, full-year 2024 production guidance at Puna has been increased to 10.0 to 10.5 million ounces of silver at unchanged mine site cost of sales of $16.50 to $18.00 per payable ounce and AISC of $14.75 to $16.25 per payable ounce.
- Hod Maden: During the third quarter of 2024, engineering studies and site preparation activities continued as the Company continues to advance the Hod Maden project through to a construction decision. In the third quarter of 2024, approximately $10.9 million were spent at Hod Maden. The Company will provide guidance on its expected 2025 capital spend at Hod Maden with its annual 2025 guidance.
|
(1) |
|
The Company reports non-GAAP financial measures including adjusted attributable net income, adjusted attributable net income per share, cash provided by (used in) operating activities before working capital adjustments, free cash flow, free cash flow before changes in working capital, net cash (debt), cash costs and AISC per ounce sold (a common measure in the mining industry), to manage and evaluate its operating performance at its mines. See “Cautionary Note Regarding Non-GAAP Financial Measures” for an explanation of these financial measures and a reconciliation of these financial measures to the most comparable GAAP financial measures. |
Financial and Operating Summary
A summary of the Company’s consolidated financial and operating results for the three and nine months ended September 30, 2024 and September 30, 2023 are presented below:
|
(in thousands of US dollars, except per share data) |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
Financial Results |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Revenue |
|
$ |
257,356 |
|
|
$ |
385,390 |
|
|
$ |
672,431 |
|
|
$ |
1,001,030 |
|
|
Cost of sales |
|
$ |
138,281 |
|
|
$ |
214,670 |
|
|
$ |
360,764 |
|
|
$ |
584,607 |
|
|
Operating income (loss) |
|
$ |
9,037 |
|
|
$ |
77,465 |
|
|
$ |
(356,667 |
) |
|
$ |
167,379 |
|
|
Net income (loss) |
|
$ |
6,251 |
|
|
$ |
(7,245 |
) |
|
$ |
(349,447 |
) |
|
$ |
144,135 |
|
|
Net income (loss) attributable to SSR Mining shareholders |
|
$ |
10,557 |
|
|
$ |
15,159 |
|
|
$ |
(266,832 |
) |
|
$ |
119,838 |
|
|
Basic net income (loss) per share attributable to SSR Mining shareholders |
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
$ |
(1.32 |
) |
|
$ |
0.58 |
|
|
Diluted net income (loss) per share attributable to SSR Mining shareholders |
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
$ |
(1.32 |
) |
|
$ |
0.57 |
|
|
Adjusted attributable net income (2) |
|
$ |
6,360 |
|
|
$ |
53,040 |
|
|
$ |
36,325 |
|
|
$ |
149,417 |
|
|
Adjusted basic attributable net income per share (2) |
|
$ |
0.03 |
|
|
$ |
0.26 |
|
|
$ |
0.18 |
|
|
$ |
0.73 |
|
|
Adjusted diluted attributable net income per share (2) |
|
$ |
0.03 |
|
|
$ |
0.26 |
|
|
$ |
0.18 |
|
|
$ |
0.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cash provided by (used in) operating activities |
|
$ |
(1,349 |
) |
|
$ |
135,256 |
|
|
$ |
(54,849 |
) |
|
$ |
218,566 |
|
|
Cash provided by operating activities before changes in working capital (2) |
$ |
13,898 |
|
|
$ |
141,892 |
|
|
$ |
22,772 |
|
|
$ |
336,235 |
|
|
|
Cash used in investing activities |
|
$ |
(35,094 |
) |
|
$ |
(48,470 |
) |
|
$ |
(103,556 |
) |
|
$ |
(280,211 |
) |
|
Cash provided by (used in) financing activities |
|
$ |
13,942 |
|
|
$ |
(46,672 |
) |
|
$ |
4,610 |
|
|
$ |
(157,806 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating Results |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Gold produced (oz) |
|
|
63,155 |
|
|
|
159,863 |
|
|
|
185,835 |
|
|
|
411,587 |
|
|
Gold sold (oz) |
|
|
63,052 |
|
|
|
161,227 |
|
|
|
192,801 |
|
|
|
412,254 |
|
|
Silver produced (‘000 oz) |
|
|
2,885 |
|
|
|
2,645 |
|
|
|
7,531 |
|
|
|
6,930 |
|
|
Silver sold (‘000 oz) |
|
|
2,785 |
|
|
|
2,852 |
|
|
|
6,933 |
|
|
|
7,090 |
|
|
Lead produced (‘000 lb) (3) |
|
|
15,005 |
|
|
|
10,403 |
|
|
|
38,294 |
|
|
|
31,957 |
|
|
Lead sold (‘000 lb) (3) |
|
|
14,304 |
|
|
|
11,707 |
|
|
|
35,355 |
|
|
|
34,882 |
|
|
Zinc produced (‘000 lb) (3) |
|
|
878 |
|
|
|
1,577 |
|
|
|
2,954 |
|
|
|
5,805 |
|
|
Zinc sold (‘000 lb) (3) |
|
|
660 |
|
|
|
1,454 |
|
|
|
2,589 |
|
|
|
6,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Gold equivalent produced (oz) (4) |
|
|
97,429 |
|
|
|
192,195 |
|
|
|
275,113 |
|
|
|
495,668 |
|
|
Gold equivalent sold (oz) (4) |
|
|
96,143 |
|
|
|
196,088 |
|
|
|
274,996 |
|
|
|
498,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Average realized gold price ($/oz sold) |
|
$ |
2,531 |
|
|
$ |
1,913 |
|
|
$ |
2,281 |
|
|
$ |
1,925 |
|
|
Average realized silver price ($/oz sold) |
|
$ |
30.05 |
|
|
$ |
21.99 |
|
|
$ |
28.23 |
|
|
$ |
23.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cost of sales per gold equivalent ounce sold (4) |
|
$ |
1,438 |
|
|
$ |
1,095 |
|
|
$ |
1,312 |
|
|
$ |
1,173 |
|
|
Cash cost per gold equivalent ounce sold (2,4) |
|
$ |
1,312 |
|
|
$ |
1,046 |
|
|
$ |
1,198 |
|
|
$ |
1,114 |
|
|
AISC per gold equivalent ounce sold (2,4,5) |
|
$ |
2,065 |
|
|
$ |
1,289 |
|
|
$ |
1,886 |
|
|
$ |
1,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Financial Position |
|
September 30, 2024 |
|
December 31, 2023 |
||||||||||||
|
Cash and cash equivalents |
|
$ |
|
|
334,341 |
|
|
$ |
|
492,393 |
|
|||||
|
Current assets |
|
$ |
|
|
996,469 |
|
|
$ |
|
1,196,476 |
|
|||||
|
Total assets |
|
$ |
|
|
5,143,919 |
|
|
$ |
|
5,385,773 |
|
|||||
|
Current liabilities |
|
$ |
|
|
254,895 |
|
|
$ |
|
170,573 |
|
|||||
|
Total liabilities |
|
$ |
|
|
1,195,162 |
|
|
$ |
|
1,081,570 |
|
|||||
|
Working capital (6) |
|
$ |
|
|
741,574 |
|
|
$ |
|
1,025,903 |
|
|||||
|
(2) |
|
The Company reports non-GAAP financial measures including adjusted attributable net income, adjusted attributable net income per share, cash generated by operating activities before changes in working capital, cash costs and AISC per ounce sold to manage and evaluate its operating performance at its mines. See “Non-GAAP Financial Measures” at the end of this press release for an explanation of these financial measures and a reconciliation of these financial measures to net income (loss) attributable to SSR Mining shareholders, cost of sales, and cash generated by operating activities, which are the most comparable GAAP financial measures. Cost of sales excludes depreciation, depletion, and amortization. |
|
(3) |
|
Data for lead production and sales relate only to lead in lead concentrate. Data for zinc production and sales relate only to zinc in zinc concentrate. |
|
(4) |
|
Gold equivalent ounces are calculated by multiplying the silver ounces by the ratio of the silver price to the gold price, using the average London Bullion Market Association (“LBMA”) prices for the period. The Company does not include by-products in the gold equivalent ounce calculations. |
|
(5) |
|
AISC include the cash component of care and maintenance costs incurred during 2024. At Çöpler, cash care and maintenance costs in the third quarter of 2024 and year-to-date totaled $16.5 million and $41.5 million, respectively. At Seabee, cash care and maintenance costs of $7.7 million were incurred in the third quarter of 2024. These costs represent approximately $252 per gold equivalent ounce sold in the third quarter of 2024, or $179 per gold equivalent ounce over the year-to-date. |
|
(6) |
|
Working capital is defined as current assets less current liabilities. |
Marigold, USA
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
Operating Data |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
Gold produced (oz) |
|
|
48,189 |
|
|
83,272 |
|
|
108,560 |
|
|
195,694 |
|
Gold sold (oz) |
|
|
47,100 |
|
|
83,103 |
|
|
109,419 |
|
|
194,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined (kt) |
|
|
7,151 |
|
|
7,732 |
|
|
20,347 |
|
|
18,141 |
|
Waste removed (kt) |
|
|
15,392 |
|
|
16,329 |
|
|
54,757 |
|
|
49,007 |
|
Total material mined (kt) |
|
|
22,543 |
|
|
24,061 |
|
|
75,104 |
|
|
67,148 |
|
Strip ratio |
|
|
2.2 |
|
|
2.1 |
|
|
2.7 |
|
|
2.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore stacked (kt) |
|
|
7,151 |
|
|
7,732 |
|
|
20,347 |
|
|
18,141 |
|
Gold grade stacked (g/t) |
|
|
0.36 |
|
|
0.45 |
|
|
0.24 |
|
|
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized gold price ($/oz sold) |
|
$ |
2,546 |
|
$ |
1,908 |
|
$ |
2,351 |
|
$ |
1,923 |
|
Cost of sales costs ($/oz gold sold) |
|
$ |
1,573 |
|
$ |
980 |
|
$ |
1,484 |
|
$ |
1,027 |
|
Cash costs ($/oz gold sold) (7) |
|
$ |
1,575 |
|
$ |
981 |
|
$ |
1,486 |
|
$ |
1,029 |
|
AISC ($/oz gold sold) (7) |
|
$ |
1,828 |
|
$ |
1,106 |
|
$ |
1,749 |
|
$ |
1,423 |
|
(7) |
|
The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Marigold. See “Cautionary Note Regarding Non-GAAP Financial Measures” at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. |
For the three months ended September 30, 2024 and 2023, Marigold produced 48,189 and 83,272 ounces of gold, respectively. For the nine months ended September 30, 2024 and 2023, Marigold produced 108,560 and 195,694 ounces of gold, respectively. During the third quarter of 2024, Marigold reported cost of sales of $1,573 per payable ounce and AISC of $1,828 per payable ounce.
Marigold remains on track for full-year 2024 production guidance of 155,000 to 175,000 ounces of gold. The Company now expects full-year mine site cost of sales of $1,450 to $1,480 per payable ounce and AISC of $1,650 to $1,680 per payable ounce at Marigold in 2024. Approximately 60% of the increase to AISC guidance is the result of increased royalty costs reflecting a higher year-to-date gold price against the Company’s initial forecasts. The remainder of the cost increase is associated with higher than forecast costs for components and parts utilized in equipment maintenance. These cost pressures are expected to persist into 2025.
Seabee, Canada
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
Operating Data |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
Gold produced (oz) |
|
|
10,252 |
|
|
19,824 |
|
|
50,734 |
|
|
52,020 |
|
Gold sold (oz) |
|
|
11,250 |
|
|
19,430 |
|
|
54,720 |
|
|
51,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined (kt) |
|
|
56 |
|
|
108 |
|
|
275 |
|
|
326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore milled (kt) |
|
|
56 |
|
|
105 |
|
|
274 |
|
|
323 |
|
Gold mill feed grade (g/t) |
|
|
6.10 |
|
|
6.17 |
|
|
6.01 |
|
|
5.29 |
|
Gold recovery (%) |
|
|
95.9 |
|
|
96.5 |
|
|
96.0 |
|
|
96.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized gold price ($/oz sold) |
|
$ |
2,479 |
|
$ |
1,884 |
|
$ |
2,232 |
|
$ |
1,915 |
|
Cost of sales ($/oz gold sold) |
|
$ |
1,280 |
|
$ |
1,026 |
|
$ |
1,025 |
|
$ |
1,192 |
|
Cash costs ($/oz gold sold) (8) |
|
$ |
1,281 |
|
$ |
1,027 |
|
$ |
1,026 |
|
$ |
1,193 |
|
AISC ($/oz gold sold) (8) |
|
$ |
2,301 |
|
$ |
1,382 |
|
$ |
1,655 |
|
$ |
1,742 |
|
(8) |
|
The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of gold sold to manage and evaluate operating performance at Seabee. See “Cautionary Note Regarding Non-GAAP Financial Measures” at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. |
For the three months ended September 30, 2024 and 2023, Seabee produced 10,252 and 19,824 ounces of gold, respectively. For the nine months ended September 30, 2024 and 2023, Seabee produced 50,734 and 52,020 ounces of gold, respectively. On August 21, 2024, operations at Seabee were suspended due to forest fires in the vicinity of the mine. Production restarted on October 11, 2024. During the third quarter of 2024, Seabee reported cost of sales of $1,280 per payable ounce and AISC of $2,301 per payable ounce. Third quarter AISC reflects $7.7 million in care and maintenance expenses incurred during the temporary suspension of operations, or approximately $685 per payable ounce. Year-to-date, the Company reported cost of sales of $1,025 per payable ounce and AISC of $1,655 per payable ounce, inclusive of approximately $141 per payable ounce associated with the third quarter care and maintenance costs.
As a result of the August 21 suspension, full-year 2024 production guidance for Seabee is now 65,000 to 70,000 ounces of gold at mine site cost of sales of $1,135 to $1,165 per payable ounce and AISC of $1,725 to $1,755 per payable ounce.
Puna, Argentina
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
Operating Data |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
Silver produced (‘000 oz) |
|
|
2,885 |
|
|
2,645 |
|
|
7,531 |
|
|
6,930 |
|
Silver sold (‘000 oz) |
|
|
2,785 |
|
|
2,852 |
|
|
6,933 |
|
|
7,090 |
|
Lead produced (‘000 lb) |
|
|
15,005 |
|
|
10,403 |
|
|
38,294 |
|
|
31,957 |
|
Lead sold (‘000 lb) |
|
|
14,304 |
|
|
11,707 |
|
|
35,355 |
|
|
34,882 |
|
Zinc produced (‘000 lb) |
|
|
878 |
|
|
1,577 |
|
|
2,954 |
|
|
5,805 |
|
Zinc sold (‘000 lb) |
|
|
660 |
|
|
1,454 |
|
|
2,589 |
|
|
6,174 |
|
Gold equivalent sold (‘000 oz) (9) |
|
|
33,091 |
|
|
34,861 |
|
|
82,195 |
|
|
86,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined (kt) |
|
|
648 |
|
|
522 |
|
|
1,578 |
|
|
1,381 |
|
Waste removed (kt) |
|
|
1,535 |
|
|
1,356 |
|
|
4,564 |
|
|
4,864 |
|
Total material mined (kt) |
|
|
2,183 |
|
|
1,878 |
|
|
6,142 |
|
|
6,245 |
|
Strip ratio |
|
|
2.4 |
|
|
2.6 |
|
|
2.9 |
|
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore milled (kt) |
|
|
486 |
|
|
445 |
|
|
1,372 |
|
|
1,278 |
|
Silver mill feed grade (g/t) |
|
|
190.5 |
|
|
192.7 |
|
|
176.3 |
|
|
175.6 |
|
Lead mill feed grade (%) |
|
|
1.46 |
|
|
1.14 |
|
|
1.33 |
|
|
1.21 |
|
Zinc mill feed grade (%) |
|
|
0.19 |
|
|
0.32 |
|
|
0.21 |
|
|
0.37 |
|
Silver mill recovery (%) |
|
|
97.0 |
|
|
96.0 |
|
|
96.8 |
|
|
96.0 |
|
Lead mill recovery (%) |
|
|
96.0 |
|
|
93.4 |
|
|
95.3 |
|
|
93.8 |
|
Zinc mill recovery (%) |
|
|
43.5 |
|
|
49.9 |
|
|
46.6 |
|
|
55.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average realized silver price ($/oz sold) |
|
$ |
30.05 |
|
$ |
21.99 |
|
$ |
28.23 |
|
$ |
23.14 |
|
Cost of sales ($/oz silver sold) |
|
$ |
16.06 |
|
$ |
15.23 |
|
$ |
16.27 |
|
$ |
17.45 |
|
Cash costs ($/oz silver sold) (10) |
|
$ |
11.66 |
|
$ |
12.33 |
|
$ |
11.71 |
|
$ |
13.57 |
|
AISC ($/oz silver sold) (10) |
|
$ |
15.37 |
|
$ |
13.04 |
|
$ |
15.36 |
|
$ |
15.31 |
|
(9) |
|
Gold equivalent ounces are calculated multiplying the silver ounces by the ratio of the silver price to the gold price, using the average LBMA prices for the period. The Company does not include by-products in the gold equivalent ounce calculations. |
|
(10) |
|
The Company reports the non-GAAP financial measures of cash costs and AISC per ounce of silver sold to manage and evaluate operating performance at Puna. See “Cautionary Note Regarding Non-GAAP Financial Measures” at the end of this press release for an explanation of these financial measures and a reconciliation to cost of sales, which are the comparable GAAP financial measure. Cost of sales excludes depreciation, depletion, and amortization. |
For the three months ended September 30, 2024 and 2023, Puna produced 2.9 and 2.6 million ounces of silver, respectively with the year-over-year increase primarily driven by more ore tonnes milled. Quarterly process plant throughput averaged over 5,275 tonnes per day, a second consecutive quarterly record for the mine. For the nine months ended September 30, 2024 and 2023, Puna produced 7.5 and 6.9 million ounces of silver, respectively. During the third quarter of 2024, Puna reported cost of sales of $16.06 per payable ounce and AISC of $15.37 per payable ounce. Year-to-date, the Company reported cost of sales of $16.27 per payable ounce and AISC of $15.36 per payable ounce.
Reflecting higher throughputs and grades than originally expected, full-year 2024 production guidance at Puna has been increased to 10.0 to 10.5 million ounces of silver at unchanged mine site cost of sales of $16.
Contacts
E-Mail: [email protected]
Phone: +1 (888) 338-0046
